Shares across Asia Pacific struggled to find momentum on Monday following last week’s global markets sell-off.
China’s CSI 300 index of Shanghai- and Shenzhen-listed stocks shed 0.3 per cent and Japan’s Topix fell 0.2 per cent, while Australia’s S&P/ASX 200 and Hong Kong’s Hang Seng were flat.
Futures markets pointed to a rise of 1.1 per cent for London’s FTSE 100 when trading begins later. US markets are closed on Monday for the Labor Day holiday but futures for the benchmark S&P 500 were down 0.2 per cent.
Data on Monday showed that Chinese exports grew by more than analysts’ expectations in August, pushing the country’s trade surplus to its highest level this year, helping local stocks to trim steeper losses earlier in the session.
However, some cautioned that the momentum may not last as demand fades for exports of coronavirus-related medical equipment.
“While exports will continue to benefit from the recovery in global demand, the forthcoming slowdown in shipments of Covid-19 related goods means that further upside [for exports growth] is probably limited,” said Julian Evans-Pritchard, senior China economist at Capital Economics.
The muted moves in Asian trading came on the heels of a choppy week for Wall Street. The tech-focused Nasdaq closed 1.3 per cent lower on Friday after dropping as much as 5 per cent during the session, while the broader S&P 500 fell 0.8 per cent.
That sell-off came as US investors grappled with a growing list of concerns including high valuations, an uncertain economic recovery from coronavirus, US-China tensions and the upcoming presidential election.
Analysts have warned that a full recovery from the health crisis remains a long way off despite data on Friday showing that the world’s largest economy added 1.4m jobs in August.
“While a global economic recovery is under way, we may need to wait until [the fourth quarter] to be sure that momentum is being maintained,” analysts from Pictet Wealth Management wrote on Monday.
“The concentration of market performance in a limited number of technology and healthcare stocks is feeding uncertainty, compounded by continued China-US tensions,” they added.
Stocks in Tokyo were led lower by SoftBank, which shed more than 7 per cent after it was revealed on Friday that the Japanese conglomerate had spent billions of dollars snapping up stock options on individual US tech shares.
SMIC’s Hong Kong-listed shares fell as much as 19.8 per cent after Reuters reported that the Trump administration was considering adding the Chinese chipmaker to a trade blacklist.
Oil dropped after Saudi Aramco said on Sunday that it would cut prices on crude shipments to Asia. Brent, the international benchmark, fell 1 per cent to $42.25 per barrel while US marker West Texas Intermediate declined 1.2 per cent to $39.31 per barrel.
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September 07, 2020 at 12:03PM
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Asian stocks slip following Wall Street sell-off - Financial Times
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